Chohal (Hoshiarpur)/Phagwara | June 11, 2025: Workers of JCT Ltd welcomed the National Company Law Tribunal’s (NCLT) decision to initiate Corporate Insolvency Resolution Process (CIRP) for the debt-ridden textile giant, calling it a “turning point” after prolonged financial uncertainty and alleged mismanagement by the company’s leadership.
The tribunal’s order, issued on Tuesday, stripped powers from the current management, including Chairman and Managing Director Samir Thapar and Full-Time Director Mukulika Sinha. The order places control in the hands of an Interim Resolution Professional (IRP), who will now oversee operations and pursue a revival strategy.
Employees from both the Chohal (Hoshiarpur) and Phagwara units gathered on Wednesday to express cautious optimism. Many said they hoped the change in leadership would finally bring resolution to years of unpaid wages, overtime dues, and stagnant benefits, along with job security.
“This order is nothing less than historic for us,” said Suresh Kumar from the Phagwara dyeing department. “Someone has finally heard the workers. We believe the new management will be fair and transparent.”
Under CIRP provisions, the IRP will assume control of daily operations, evaluate JCT’s financial viability, and invite resolution plans from potential investors or acquirers. Workers said they were ready to contribute to a possible turnaround.
“We’ve suffered for years under false promises,” said Ravinder Singh of the Chohal maintenance wing. “Now, with the court stepping in, I finally feel there’s hope we’ll be paid what we are owed.”
Meena Rani, a weaver in Phagwara, said many families have been surviving without regular income for months. “If the RP ensures justice, we are ready to work day and night to restore JCT to its former glory under Lala Karam Chand Ji,” she said.
The workforce did not mince words when it came to the company’s current management. “The CMD and Director have destroyed this company with greed,” said Joginder Pal from Chohal’s security team. “The workers were never the problem. We remained loyal and committed.”
Amandeep Singh from the engineering unit in Phagwara echoed that sentiment, calling the tribunal’s move “long overdue.” He said, “We want to bring JCT back to the stature it had under Manmohan Thapar. The downfall was never because of the workers—it was mismanagement, plain and simple.”
Harpreet Kaur from Chohal’s administration added, “We no longer trust the old management. We trust the court. We are proud of JCT, and we’re determined to see it rise again.”
With the CIRP process now underway, expectations are high. Workers have called for transparent communication from the IRP and prompt attention to their pending claims. The coming weeks will be crucial in determining whether one of Punjab’s iconic industrial names can find its footing again under court-directed management.
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